Ghana Records Significant Trade Surplus in First Two Months of 2023
Ghana’s economy is showing signs of growth, as the country recorded a trade surplus of $752.8 million in the first two months of 2023, representing about 1.0% of Gross Domestic Product (GDP), according to data released by the Bank of Ghana.
This figure is a significant increase from the $205.8 million recorded during the same period in 2021, and the growth in trade surplus is mainly attributed to the significant proceeds from gold exports, while net imports also fell.
The country’s total exports in the first two months of 2023 rose by 11.19% year-on-year to $2.76 billion, compared to $2.48 billion in the same period in 2022. This increase in total exports is a positive sign for the Ghanaian economy, as it demonstrates growth and competitiveness in international markets.
However, Ghana’s crude oil exports for February 2023 were lower than those recorded in February 2022, standing at $562.6 million compared to $688.8 million in the previous year. This decline in crude oil exports can be attributed to the decrease in crude oil prices, which have fallen from over $100 to about $73 per barrel.
On the other hand, gold export earnings increased by 35.7% to $1.11 billion, supported by increased production volumes triggered by the positive response from small-scale gold exporters.
The growth in gold export earnings is particularly significant for Ghana’s economy, as the country is the largest gold producer in Africa and the seventh-largest producer in the world. With gold prices on the rise and increased production volumes, Ghana is poised to continue benefiting from the export of the precious metal.
Overall, the positive trade surplus figures for the first two months of 2023 demonstrate Ghana’s economic resilience and potential for growth. With continued support for key sectors such as gold production, the country can continue to increase its exports and trade surplus, contributing to a thriving economy and improved quality of life for its citizens.